Bitcoin Advocates Rally Against Fed

CRYPTO
Bitcoin Advocates Rally Against Fed

Elon Musk has signaled support for abolishing the U.S. Federal Reserve by reposting a tweet from Senator Mike Lee, who advocates for increased executive oversight over monetary policy. Senator Lee argued that Federal Reserve Chair Jerome Powell’s insistence on staying in office, despite potential requests for resignation from President-elect Donald Trump, is evidence of an “out-of-control system.” In Lee’s view, the Constitution intended for the executive branch to operate under presidential authority, which he claims the Federal Reserve undermines. This stance resonates with "sound money" advocates and Bitcoin proponents, who argue that fiat currency is inherently prone to inflation and devaluation.

As U.S. debt exceeds $35 trillion, Bitcoin is increasingly seen as a hedge against inflation. Some state officials, like Florida CFO Jimmy Patronis, are exploring BTC investments for pension funds to protect purchasing power. In July 2024, Senator Cynthia Lummis introduced the Bitcoin Strategic Reserve bill, aimed at countering the dollar's depreciation. President-elect Donald Trump has even hinted at creating a national Bitcoin reserve, suggesting it could potentially be used to offset the national debt—an idea he touched on at the Bitcoin 2024 conference in Nashville.
Source

CRYPTO
FTX Sues Binance Over $1.8B Deal

FTX is suing Binance and its former CEO, Changpeng Zhao, seeking $1.8 billion over a 2021 transaction. In the suit filed in Delaware, FTX alleges that Binance, Zhao, and others exited their investment in FTX by selling a 20% stake in FTX and an 18.4% stake in FTX's U.S. entity, West Realm Shires, back to the company. FTX claims that the purchase was fraudulently funded by FTX’s Alameda Research, which was insolvent at the time, labeling the deal a "constructive fraudulent transfer." A Binance spokesperson dismissed the allegations as “meritless” and promised a vigorous defense.

This lawsuit is the latest clash between two crypto giants following FTX's collapse, which triggered a broader market crisis. FTX’s failure led to the indictment of its co-founder, Sam Bankman-Fried, for fraud, and Zhao faced legal challenges over alleged Bank Secrecy Act violations. The suit also accuses Zhao of tweets that allegedly spurred a withdrawal surge, precipitating FTX’s downfall.
Source

TARGET
Inside Target’s Leadership Strategy Meeting

Target CEO Brian Cornell recently gathered his top 50 leaders to emphasize the importance of the company’s culture and mission. In a meeting focused on understanding the "why" behind decisions, Cornell highlighted how Target’s strong internal culture drives growth across nearly 2,000 stores and a workforce of over 400,000. Speaking at Fortune’s Global Forum, he stressed the need for thoughtful reflection on the company’s purpose and values.

Cornell also discussed Target’s partnership with PepsiCo, underscoring how shared consumer-focused goals strengthen the collaboration. He explained that Target treats PepsiCo as a true partner, not just a vendor, which is key to their mutual success. Cornell emphasized the importance of aligning on strategy and maintaining strong differentiation in the market. Echoing Cornell’s approach, PepsiCo’s CEO Steven Williams added that transparency and trust build strong relationships, with speed as a competitive advantage in today’s fast-paced market.
Source

TECH
Humanoid Robot’s Artwork Breaks Records

A humanoid robot named Ai-da recently made waves at a Sotheby’s auction by selling its first artwork, A.I. God. Portrait of Alan Turing, for over $1 million—far exceeding initial estimates of $120,000 to $180,000. This sale marks a significant milestone in the world of AI art, as collectors increasingly embrace machine-generated works.

The piece, inspired by Pablo Picasso’s Guernica and Doris Salcedo’s Atrabiliarios, is meant to explore themes of human suffering with a style reminiscent of Edvard Munch. Ai-da, named after pioneering programmer Ada Lovelace, was created by art dealer Aidan Meller, who sees the robot’s art as a way to question society’s fascination with technology. Ai-da’s art was showcased at the AI for Good Global Summit in Geneva before heading to auction.

Using cameras in its eyes and AI algorithms to control its arm, Ai-da produces art with a uniquely mechanical perspective, inviting viewers to reflect on the impact of AI in society.
Source

Meme of the day

Word of the day
Proclivity

A proclivity is a natural tendency to like something, such as your sister's proclivity for restaurants that serve hot, spicy food.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.